Receipt of payment for KRI oil exports

RNS Number : 4598L

Genel Energy PLC

03 October 2016

 

3 October 2016

Genel Energy plc

Receipt of payment for KRI oil exports from Tawke field

Genel Energy plc ('Genel') notes the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $37.40 million from the Kurdistan Regional Government for oil sales during July 2016.

The payment reflects full settlement of the invoiced amount for July 2016 oil sales, and includes $31.37 million toward the monthly entitlement and $6.03 million towards recovery of historical receivables.

The payments will be shared pro-rata by DNO and Genel.

Tawke production in July averaged 117,992 bopd, of which 117,579 bopd were earmarked for export. This was up from June production levels of 114,384 bopd, of which 113,601 bopd were earmarked for export.

An amount of $8.41 million remains outstanding from the Kurdistan Regional Government for Tawke June deliveries to the export market. The total invoiced amount for June is $38.41 million, for which a partial payment of USD 30 million was received on 8 August 2016.

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For further information, please contact:

Genel Energy Phil Corbett, Head of Investor Relations Andrew Benbow, Head of Public Relations	[phone]
Vigo Communications Patrick d'Ancona	[phone]

This announcement contains inside information.

Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the mai market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Miran and Bina Bawi gas fields, the Company is set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities within the Middle East and Africa. For further information, please refer to www.genelenergy.com.

 

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